Market Research

Quarterly key statistics of the Brussels Office Market : Insights on key figures by office districts

For the entire year, the take-up level stands at 308,000 sq.m.  The activity showed resilience given the economic, financial, and geopolitical context, as well as the structural change in the office sector.

The investment market concluded a year of underwhelming performance, with €2.4 billion injected into Belgium's commercial real estate over the past 12 months.

Quarterly key statistics of the Brussels Office Market

Over the past three months, office take-up presents a mixed picture with volume reaching around 59,200 sq.m. Throughout the year, economic conditions continued to hamper the Brussels office market. Further complications come from cost optimization strategies, and a more selective approach by tenants about location and intrinsic quality of buildings. The combination of these factors has resulted in a lengthening in decision-making processes.

Quarterly key statistics of the Brussels Office Market

Quarterly key statistics of the Brussels Office Market

Slowdown in activity was already noticeable in the second half of 2022, and this trend is continuing at the beginning of this year. Office take-up in the Brussels office market began the year on a low note with 71,300 m², -4% compared to Q1 2022 and -25% compared to the ten year quarterly average. Occupiers are cautious due to the uncertain economic context characterized by ongoing price increases, business slowdown and persistent geopolitical tensions. In this situation, potential tenants are more selective in their choices, giving particular attention to the property's location and quality.

Quarterly key statistics of the Brussels Office Market